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Grains close down | Thursday, September 1, 2022

Corn and soybeans both hit their lowest point for the day around 11 a.m. and regained a small amount of ground before close.

December corn is down 12¢ to $6.58. November soybeans are down 28¢ to $13.95. This is the first time in over a week soybeans have fallen below $14. 

READ MORE: U.S. says no weekly export sales data until September 15

CBOT wheat is down 35¢. KC wheat is down 42¢. Minneapolis wheat is down 43¢. 

Live cattle closed the day up 23¢. Feeder cattle are up 88¢. Lean hogs are up 43¢. 

READ MORE: 3 Big Things Today, September 1, 2022

Al Kluis with Kluis Commodity Advisors says hot and dry weather is taking down corn and soybean yield potential in about 30% of the Corn Belt. 

Grain markets continue to fall: 11:16 a.m. 

At midday, December corn has fallen even lower and is down 11¢. November soybeans are down 22¢. 

CBOT wheat is down 19¢. KC wheat is down 24¢. Minneapolis wheat is down 26¢. 

Live cattle and feeder cattle are still up, but lean hogs are now down 28¢. 

Al Kluis with Kluis Commodity Advisors says the U.S. dollar is at its highest point in 20 years, putting pressure on energy and grain markets. He says the uncertainty created by the suspension of the USDA export report is also upsetting the market. 

Market starts day down: 9:24 a.m.

December corn is down 3¢ this morning. November soybeans are down 7¢. 

December wheat futures are also down. CBOT is down a penny. KC is down 3¢. Minneapolis is down 6¢. 

Livestock are all up this morning. 

Earlier this week the USDA announced the suspension of the weekly export report that typically comes out on Thursdays. The agency is experiencing issues with a new reporting software and last week's report was full of errors. According to Naomi Blohm with Total Farm Marketing, the suspension is expected to last the next two weeks, causing some frustration among those tracking export sales. Thankfully the daily reports have still been coming. 

Blohm also says anecdotal accounts of corn crop progress suggests corn is maturing quickly and may lead to an early harvest. 

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